Monday, May 9, 2016

The shares are off 19.19% at $18.19 after trading up 3% during the regular session.

As I related in April 26ths "There's A Transcript For The "Jim Chanos: The Art Of Short Selling" Podcast":

...Here's the intro to the podcast but be forewarned, Chanos has a
legendarily dry sense of humor. Over the years I've found it best to
assume that when I don't understand something he says that he is either
making a joke or actually skipping ahead a couple spaces.

A recent example occurred in August.

Chanos was shorting SolarCity and when apprised of this fact, Lyndon Rive, CEO and cousin of Elon Musk said he'dnever heard of Chanos.

On CNBC the next day Chanos was being interviewed and Musk's name came up.
Without missing a beat or cracking a smile Chanos asked "Elon who?"

Solar energy project contractor SolarCity (SCTY), founded by Tesla (TSLA) CEO Elon Musk, this afternoon reported
Q1 revenue that topped analysts’ expectations, but miss on the bottom
line with a deeper-than-expected net loss, and forecast a much deeper
loss this quarter.

Shares are down $3.40, or 15%, at $19.11, in late trading.

Revenue in the three months ended in March rose to $122.57 million, yielding a net loss per share of $2.56, on a non-GAAP basis.

Analysts had been modeling $110 million in revenue and a net loss of $2.31 per share .
(The net loss per share cited above is that which is “attributable to
stockholders.” On a GAAP basis, that loss was 25 cents. In addition to
that net loss measure, the company offers a line item that
includes the company’s “non controlling interests and redeemable non
controlling interests.” On that basis, SolarCity had a net loss in the
quarter of $258 million. On a diluted share count of 98 million, that
would be a $2.63 loss per share. )

The company deployed 2 gigawatts on a cumulative basis through the end of the quarter, it said.

CEO Lyndon Rive said the company had “kicked off
2016 with solid momentum in installations, financing and core cash
generation,” despite the slow seasonal nature of the quarter, and
regulatory headwinds.

We began the year reporting the third
highest quarter of installations in our history with 214 MW Installed in
the first quarter of 2016, up 40% as compared to the same period a year
ago. We significantly exceeded our projected 180 MW mostly due to the
earlier completion of a large utility-scale project in Maryland that was
originally anticipated for Q2 2016. Residential installations of 184 MW
grew 32% as compared to the first quarter of 2015, and commercial grew
114% year-over year to 30 MW. Eight of our installation crews completed
300 kW or more in March, with Big Bertha, Goose, Merlin, and Ramses
leading the pack with 330 kW or more each.

The company forecasts revenue “from periodic
billings” of $105 million to $108 million this quarter, and $14 million
to $16 million from “solar energy and systems and components sale
revenue,” and $16 million to $19 million from “payments and upfront
incentives,” it said....MORE

*Older readers may recognize a bit of Yogi Berra.
And Mr. Rive has presumably heard of Mr. Chanos by now.